Cheap rice cookers are useful, but expensive ones: a) have more settings for things other than rice b) have options for delayed start, etc c) come with better materials (ie, teflon-free nonstick pan) d) it's a device that will last years - spending $200 vs $30 is often easily justifiable.

I'm surprised you couldn't afford a microwave - they're like $50-100 these days for something that has crazy high utility.